April 11 Chevron Corp said on Thursday
its chief executive's overall 2012 compensation rose $7.5
million despite a cut to his bonus to reflect a series of
"operating incidents" last year.
CEO John Watson's total 2012 compensation was $32.2 million,
including nearly $17 million in stock and option awards as well
as $9.9 million in other compensation and pension benefits.
Chevron had said last month that compensation would take
into account the company's strong overall performance. Chevron
shares hit a record high of $121.56 on March 25, boosted by the
second-largest U.S. oil company's projected growth of 25 percent
in production by 2017.
Yet Watson's cash bonus shrank to $3.48 million from $4
million, following a decision by the board to account for some
Chevron accidents over the past 18 months.
Just a few months after an oil leak off Brazil in late 2011,
a fire burned for weeks at a Chevron well off the coast of
Nigeria in early 2012.
Then there was the August fire at its oldest refinery in
Richmond, California, causing damage that has kept the plant
operating at reduced capacity for eight months.
Among other top executives, Chief Financial Officer Pat
Yarrington saw her total compensation fall to $10.4 million from
$11.3 million, while pay for the head of refining, Mike Wirth,
fell $2.5 million to $8.8 million.
George Kirkland, head of Chevron's oil and gas production,
saw compensation rise to $18.8 million from $16.5 million the
At the company's annual meeting on May 29, Chevron
shareholders will also vote on shareholder proposals for company
reports on country selection, lobbying disclosure, climate risk,
offshore oil wells, and shale energy operations.
Last year, shale was in focus at the meetings of both
Chevron and Exxon. A proposal for a report on the risks of
hydraulic fracturing in shale had support from 27 percent of
Chevron shareholders, while a similar proposal received 30
percent support among Exxon shareholders.